Credit, Collections & Insolvency News
NatWest’s Ulster Bank is preparing to sell €7.6 billion of loans and 25 branches to Irish bank Permanent TSB. Between 400 and 500 Ulster Bank employees will transfer over under the deal while NatWest will secure a 20% stake in PTSB as part payment. “In line with our strategy of a phased withdrawal from the…
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SME owners are feeling more optimistic and are keen to invest in growth, but are being frustrated by the mix of financial options open to them, according to a survey from ACCA UK (the Association of Chartered Certified Accountants) and The Corporate Finance Network (CFN). A total of 89% of owners are reporting that they…
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Deko has announced the appointment of Tom Myles as Chief Technology Officer and Rob Fernandes as Chief Product Officer. Myes joins Deko after over twenty years’ experience in the payments, banking and fintech sector. In his most recent position as Chief Technology Officer of Barclays Payment Gateway, he led the modernisation and delivery of the…
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The Credit Services Association (CSA) is urging policy-makers to take extra care before prescribing detailed forbearance schemes that could make a customer’s debt problems worse not better. The CSA believes that constraining the flexibility that exists in the current regulatory framework, and which enables customers and their creditors to agree solutions based on an individual’s…
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New Ofcom data has found that around two million households are struggling to afford internet access. The research shows that many people on low incomes are struggling to pay, and not all are getting the support they need from telecoms companies and that there is considerable variation in the support available for customers who may be…
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The Government has revealed proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals, and government to tackle ‘loyalty penalty’. Business and Energy Secretary Kwasi Kwarteng published proposals to trial automatic switching for customers on expensive default energy tariffs to cheaper deals. Research has shown that while around 5.8 million…
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A third of businesses have been forced to review their future plans after being severely impacted by Covid-19, according to the latest CCW research. CCW’s ‘Testing the Waters survey’ also found that less than a quarter of business customers could recall receiving information from their water retailer about the help and support available to them with…
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The UK Treasury has revealed plans to cut its majority stake in NatWest, raising the possibility of share buybacks from the bank. The Government has appointed Morgan Stanley to cut its 54.7% stake in NatWest to 40% over the next 12 months. According to recent estimates from the Office for Budget Responsibility, the taxpayer is…
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The Financial Conduct Authority (FCA) and Payment Systems Regulator (PSR) have published an updated assessment of the UK’s access to cash infrastructure, taking into account the impact of coronavirus (Covid-19), alongside new research on consumers who rely on cash. The findings show that most people have reasonable access to cash through a combination of bank, building…
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New research from Experian found that nearly two fifths (38%) of consumers said they were considering buying a new home within the next five years, rising to 66% of people in their 30s and 67% of those in their 20s. People also suggested they are prepared to stretch themselves to secure their dream home, with…
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New research has found that 840,000 private renters have built up arrears as a result of the Covid pandemic meaning 56% of landlords have lost rental income. The research by Homeppl also found that there was also 71% rise in fraudulent applications, one in 50 are now fraudulent and that fraudulent tenants now costing landlords…
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Ireland’s Central Bank is proposing to ban the practice of price walking following its Review of Differential Pricing in the Private Car and Home Insurance Markets. The Review examined how differential pricing is used in the private car and home insurance sectors and established its impact on consumers. Differential pricing is where customers with a…
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Nationwide has announced a partnership with OpenWrks, a UK based provider of open banking applications, to help its customers facing financial difficulty. OpenWrks, using Open Banking technology, helps people in financial difficulty quickly pull together information from different accounts and sources to easily built an accurate digital income and expenditure statement. Their solution uses conversational…
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